Featured in the photo is San Fernando Business Park bought owned by Drago & Starwood since June 2018. Source: Dragocapital.com.
Miami based Starwood Capital Group increases its exposure to the Spanish property market with the acquisition of five office buildings from Oaktree and FREO. With these latest acquisitions, the US fund has deployed c. €398 million via their JV with Drago.
The assets, known as the Heritage portfolio and located in Madrid and Barcelona, have an area of 78,428 square meters and have 1,323 parking spaces. The properties are currently let to tenants such as BBVA, Optimus and Vitaldent, among others.
Starwood is said to have outbid funds like Apollo, Barings and Brookfield who were also interested in the deal. Four of the five buildings are located in Madrid and include nº4&5 of Calle Julián Camarillo, nº 44 of Avenida Manoteras and nº 13 of Valportillo Primera. The fifth asset is located in Barcelona, on nºs 21, 23 % 25 of Calle Samontá.
As reported by SpanishREIT.com, in June 2018, the US fund bought San Fernando Business Park in Madrid for €120 million which was also previously owned by OakTree. Early this year, the JV partners bought Parque Omega as well as an office building with retail space in Barcelona’s technological district.